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-- Buffett may make Twitter -- richest list his partner Charlie Munger.
Nowhere to be found I asked the 89 year old vice chair Berkshire Hathaway about it on Monday at the shareholders' meeting and Twitter wasn't the only thing Buffett munger disagreed on listening.
-- but I'm never gonna have to -- Yeah.
Let me just every -- yeah.
I think all over prior Texas who have and they should be on individuals and consumption and so I like -- -- -- corporate sector I just think that if you're looking -- -- Tax more I think that that corporation should be part of that out.
So they completely.
For -- corporate tax rates and this caught the guy a pap Dorsey seven belt kept -- investment advisors president and long time -- watcher amp shareholder.
Who was at the Omaha meeting he joins us now pat what struck you most about the fact that they.
Were more verbally.
In disagreement they don't argue.
Worked at that very clear that -- -- fights and they never have in the decades that they've been best friends but.
The arguments were very or at least the discussion the disagreement was very palpable.
It was -- and it was certainly in and to be clear it was not on anything regarding Berkshire Hathaway specifically.
So on that's -- the tail he's a great.
But for example on someone asked about this new normal environment weathered the future will be less right in the past Buffett clearly disagreed.
Whereas munger said there was a reasonable probability.
That the next decade for stocks could look even worse the last decade.
It it for and it is very fond of saying.
Liz your children and and your children's children will have a better life than we will I got the complete feeling that Charlie was not a believer -- that which.
Really worried yet.
That's coming out I'm not sure -- is right.
Yet I mean they another -- -- comment was somebody asked so I'm thinking about retirement.
And you know with this -- know should I work an extra couple of years.
And now Buffett of course -- the future's going to be great.
And munger came back with well for us since we're already fabulously wealthy get a -- anyway it doesn't matter a whole lot.
But it's a completely rational question from the sky and my advice would be working extra couple years.
I was talking to Tim Armstrong of the commercial break Lisa what was your take away of the meeting and -- my take -- was that these two walked into there Marines are acting like Silicon Valley guys they take they're acting like they run a growth company and they do it in a way they take all the money.
That's -- generates and that Burlington northern generates and they turn it back around they put it back into their existing seven B eighty plus companies.
Or they buy new ones.
That's is fascinating that there -- that optimistic about the quality companies there are out there by.
That's very very true and down I mean certainly their energy -- is phenomenal and -- my energy and mental acuity is half what.
Mongers is at 89 -- pretty happy guy.
You know but they do are really creating value -- capital allocation and they do have is they said many times over the weekend a unique competitive advantage.
Which is that if your a business owner and you don't want your company to be bought by competitor he don't want to be -- -- with debt by private equity firm.
You've really only got one buyer.
And that's Berkshire.
She was holding up the rubber ducks that oriental trading company which is the party goodie bag company.
That that he'd just -- their Omaha based but he bought them and they they made Charlie and and Warren ducks to -- that these guys know how to live and have a good time -- move on to.
What are investors want to know from you and and that's what stocks to buy at the moment we thought we -- kind of one or the other game here at and let's just begin with the first want to -- what you can put together some pairings and I'll start with.
The beginning we can put it up on the screen it involves Intel purses Procter & Gamble which one would you buy -- most of.
How well Intel and Intel has -- about 10% in the past month or so.
But they're trading at about ten times earnings right now relative to -- wanna say -- seventeen times earnings for Procter & Gamble.
And you as consumer as investors really have chased safety and I think you're paying too high a price for seemingly safe companies like Procter & Gamble.
But as safe -- -- to a higher price is not safe.
OK let's get to our next -- and it involves Qualcomm and and let's put it up on the screen and your pairing with Qualcomm this.
I'm well up Qualcomm probably is better by then you Duke Energy it's a better by -- really.
A lot of the utilities and consumer staples and tobacco companies out there.
It's largely because they get a royalty and every handset that sold.
And the advent of Smartphones is really slowing price erosion handsets.
And that's an enormous tail win for Qualcomm Qualcomm all right let's get to apple what about that one.
What apple is a better Biden frankly.
Most things right -- You know Apple's probably a better deal and -- -- -- a better deal than southern.
Apple's a better deal than again just to let any of these perceived safe stocks.
You know Kobe it's a great example Colgate trades at about 22 times cash flow apple trades at about seven times cash -- and has about the same yields.
And so I would argue that even though people -- toothpaste to be a lot less risky then Smartphones.
Again at three times higher valuation.
That toothpaste can have a little bit a risk attached.
I I would think so so it's interesting to me that you're picking one over the other here and and that let's just get your final two picks you do like amerigas and you also like Williams.
I believe Williams is one of the S&P laggards today but you really like it at this.
On it it is looking pretty understated you know it's it's down about 5% -- today because them they're natural gas liquids businesses -- -- it to extract and you.
Processed natural gas the -- and that's and it's been really terrible right now.
But there's some other nice tail winds that should enable them to raise the dividend tremendously over the next couple of years.
And then and amerigas it's -- slower growing company that -- propane distribution but a 7% yield of 3% growth rate pretty good total return.
Pat Dorsey are up at all it just in stock picker of the -- thank you very much as I -- about captive.
Vice chairman and research director great to see -- -- I didn't see it -- Omaha.
Next time closing bell ringing it well you know I sit sit 60000 people isn't easy and it's easy to miss the -- was -- -- Looks -- we're poised for.
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